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Conceptual Framework Phase G — Application to not-for-profit entities

Background

At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework, based on and built on both the existing IASB Framework and the FASB Conceptual Framework, that both Boards would use as a basis for their accounting standards.

The Conceptual Framework project is being conducted in eight phases. Phase G will consider the applicability of the concepts developed in earlier phases to not-for-profit entities in the private sector.

Current status of the project

The IASB and FASB did not deliberate this phase of the project.

As a result of the IASB's Agenda Consultation project, the IASB decided in September 2012 to reactivate the Conceptual Framework project as an IASB-only comprehensive project. This project will consider the elements of financial statements, measurement, reporting entity, presentation and disclosure. The IASB-only project will not encompass further work on this phase as the current focus of the IASB is on business entities in the private sector.

Related Discussions

The staff presented their proposals to the Board as to how to approach the project on the conceptual framework. The staff recommended that the conceptual framework project should focus on elements of financial statements, measurement, reporting entity, presentation and disclosure. They also noted that the aim would be to work towards a single discussion paper covering all of the areas (rather than the previous joint IASB and FASB phase project on the conceptual framework), rather than separate discussion papers for each area.